Wilmington NC Real Estate News

Key Facts About Commercial Property Insurance

February 13, 2019

As we move into the New Year and finalize budgets for
property owners and CAM charges for tenants, a key component to put on your
commercial property checklist is INSURANCE.
Whether you own your own building or you lease a space in which to
operate, insurance is vital.

There are several different kinds of insurance that you
might want to discuss with your agent:

Business Owner’s Policy (BOP) – this might
include various types of insurance such as vehicle coverage, liability
insurance and property insurance.

General Liability Insurance – a necessary for
every business, this covers damages in the event that a third party is harmed.

Renter’s Insurance – for those who rent their
property, this covers the contents or personal injury within a property

Business Interruption Insurance – in the event
that lost income is due to unexpected occurrences such as fire or natural
disaster

Workers Compensation Insurance – comes under
business insurance and covers medical, disability and death benefits for an
employee who has an accident while carrying out business duties

In addition to maintaining your insurance policies, Owners
of businesses who own or lease will want to:

make sure that you have enough insurance
coverage to repair or rebuild your property in its current state in the event
of fire or other casualty

make sure your staff / employees have an
emergency contact list with important phone numbers; this list should include:

local & state emergency management agencies

major clients

contractors

suppliers

property management

insurance agents / companies

financial institutions

decide on a communications strategy for your
business and post notices at your premises

For businesses, the cost of a disaster would seldom be
limited to physical damages. The loss of
use or income can elevate the financial loss to one that is crippling. Most business owners become complacent about
natural disasters until it happens to them.
With the very real memory of Hurricane Florence still lingering, we urge
you to review your business insurance policy and options regularly. If you have questions or need general
information about insurers in our area, please contact our Property Management
team at Coldwell Banker Commercial Sun Coast Partners at 910-202-1394.